profit-loss account4

May 13th, 2015
Studypool Tutor
Abraham Lincoln University
Price: $25 USD

Tutor description

profit loss accounting description of statement with descriptive things.

Word Count: 811
Showing Page: 1/3
Profit____________________________________________________________________________________________________________Such slogans as buy low, sell high or never give a sucker an even break echo peoples expectations that firms try to maximize their profits.Profit maximizationis the standard economic assumption used to analyze the behavior of firms.Profitis a firms total revenue minus its total cost;lossis incurred when revenue fails to cover costs. Profits are positive, while losses are negative.Although, economists and bookkeepers define profits and losses similarly, economic profits and accounting profits often differ. Different definitions of costs explain this inconsistency.Economic vs. Accounting CostsYou know that the value of the best alternative forgone is the economic cost of anything from lard to romance. All costs, whether monetary or non

Review from student

Studypool Student
" awesome work thanks "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1827 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors